A Research on the Difference of Capital Structure among East Asian－The Example on Taiwan, China, Japan, Korea

[[abstract]]本文採用東亞四國，包括台灣、大陸、日本、韓國，以及其五年的公司－年觀察值，以研究影響公司資本結構的決定因子，並理解各國所適用的資本結構理論。研究發現，在各個國家中，財務缺口變數可以解釋負債變量的程度不一，且無法完全解釋，此與融資順位理論預測的不同。在其後的強韌檢定中，本文發現在所有國家中，財務缺口變數無法排除其餘變數的解釋能力，再一次顯示融資順位理論預測失敗。另外本文利用二階段迴歸方法，發現公司會因淨利由盈轉虧，或由虧轉盈而調整資本結構。本文的測試變數有二，其大部分皆為顯著，並且符號相當一致。由盈轉虧變數之係數為負的有台灣、日本以及大陸，為正的有韓國。由虧轉盈變數之係數大部分為負的有台灣以及韓國，日本方面估計結果則較含混不清。大陸的估計結果則為正。此結果顯示另有其它因子可解釋資本結構。[[abstract]]This paper examines the determinant of corporate leverage, and investigates the theory that could perform best among countries on the cross-section of publicly traded Taiwan, China, Japan and Korea firms for 2004 to 2008. The results indicate that, contrary to the pecking order theory, the estimated coefficient on the financial deficit are different among the countries, and it is quite small. In the robust test, we finds financial deficit cannot wipe out the effect of the conventional variable, it is different from the prediction of pecking order theory. We also find corporate adjust their leverage when they turn around loss or gain via two-stage regression. We use two variables to test it, almost every variable are significant, and have the same signs. The estimated coefficient on GL(Gain to loss) are negative for Taiwan, Japan, and China, it is positive for Korea. The estimated coefficient on LG(Loss to gain) are negative for Taiwan and Korea, ambiguous for Japan, positive for China. The results show that capital structure can be explain by other factors.[[note]]碩